SINGLE SHAFT TURBINE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Single Shaft Turbine Market Size and Trends

The single shaft turbine Market size is valued at US$ 2.63 billion in 2023 and is expected to reach US$ 3.78 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030.

Single Shaft Turbine Market Trends

• Digitalization: The integration of digital technologies like IoT, analytics, AI, and Blockchain in single shaft turbines is a major market trend. Digital capabilities enable advanced monitoring, predictive maintenance, remote operability, and asset optimization in turbines. For instance, Siemens' MindSphere turbine control system provides plant-wide asset visibility. Digital twin technology helps simulate turbine operations. Blockchain applications allow transparent turbine performance monitoring. Such digitalization enhancements are contributing to wider single shaft turbine adoption.
• Declining levelized cost: The levelized cost of electricity production of single shaft turbines, especially wind models, has declined substantially over the last decade owing to technology advancements. This cost reduction is a key trend making single shaft turbines more cost-competitive. Levelized cost of electricity (LCOE) for onshore wind power fell by around 70% over the last decade. Technology improvements that have lowered costs include increased turbine sizes, hub heights, rotor diameters and improved materials. Auctions and large-scale production have also reduced wind turbine LCOE. Such cost declines reinforce the trend towards single shaft variants.
• Hydrogen utilization: The ability to leverage green hydrogen for power generation and integrate hydrogen-ready components is an emerging trend in the single shaft turbine market. OEMs are developing turbine models capable of utilizing hydrogen fuel to enable clean power production. Hydrogen can serve as a storage medium for intermittent renewable energy. For instance, Mitsubishi Power has introduced gas turbines that can co-fire ammonia along with natural gas to provide carbon-free power. Advancing hydrogen economy and declining electrolyzer costs will favor this trend. For Instance, IN October 2022, Mitsubishi Power, a division specializing in power solutions under Mitsubishi Heavy Industries (MHI), is merging hydrogen demonstration infrastructure with the current T-Point 2 single-shaft combined cycle validation facility located in Takasago. This combined entity, named "Hydrogen Park," will encompass hydrogen production, storage, alongside the present large and small/medium gas turbine units.
• Emerging markets: The rising installation of single shaft turbines in developing regions including Asia Pacific, Africa, and Latin America reflect a geographical shift. Developing economies are expected to account for the majority of new turbine deployments owing to electricity demand growth and investments in the power sector. For example, non-OECD countries will account for over 90% of global energy demand growth until 2040. Government efforts to expand clean energy capacities and electrification rates also favor installations in emerging markets.